AFROX - REVISED TERMS OF THE CAPITALISATION SHARE AWARD

AFRICAN OXYGEN LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/00089/06)
("AFROX" OR "THE COMPANY")
REVISED TERMS OF THE CAPITALISATION SHARE AWARD

THE RESULTS ANNOUNCEMENT PUBLISHED ON FRIDAY, 30 OCTOBER 1998 ("RESULTS
ANNOUNCEMENT") GAVE FULL DETAILS OF THE TERMS OF THE CAPITALISATION AWARD OF
SHAREHOLDERS REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON
20 NOVEMBER 1998.

SHAREHOLDERS ARE ADVISED THAT THE FORMULA IN TERMS OF THE CAPITALISATION SHARE
AWARD OF THE COMPANY IS REVISED AS FOLLOWS AND NOT AS DISCLOSED IN THE RESULTS
ANNOUNCEMENT:
23,5 CENTS

97,5% OF THE RULING PRICE AT THE CLOSE OF BUSINESS ON THE JSE ON 20 NOVEMBER
1998

A CIRCULAR CONTAINING FULL DETAILS WILL BE POSTED TO SHAREHOLDERS ON OR ABOUT
30 NOVEMBER 1998.
JOHANNESBURG
3 NOVEMBER 1998
INVESTMENT HOUSE
HSBC SIMPSON MCKIE
MEMBER HSBC GROUP
HSBC SIMPSON MCKIE (PTY) LIMITED
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REG. NO. 84/01736/07
SPONSORING BROKER IN NAMIBIA
WIKUS HANEKOM
MEMBER OF THE NAMIBIAN STOCK EXCHANGE